Why Can’t I Just Rent a House?
It’s a question I’ve asked myself many times, as I’ve tried and failed to sell my house and buy a new one.
When the Federal Reserve began jacking up interest rates in 2022, home sales cratered almost overnight; inventory dried up; the housing market “froze.” People who have mortgages with interest rates below 4 percent—which is more than 60 percent of homeowners—aren’t going anywhere. They’re not selling their houses. They’re staying put.
The current availability of homes for sale is about 36 percent lower than before the pandemic; this past October, home sales dropped to in more than 13 years, and in November, the share of homebuyers looking to relocate to a different metro area was at its . People who own homes have become so reluctant to move that they’re likely to in other cities, one study found.
